Feb 4, 2010

Harum Energy to tap US$400 mio IPO

PT Harum Energy, holding company of coal mining PT Tanito Harum, is planning to enter Indonesia stock market with a proceed target of US$300 million-US$400 million.
A source familiar with the matter said Harum Energy, which is controlled by Grup Tanito Harum and owned by Indonesia tycoon Kiki Barki, will offload around 30% stakes into the market.
Harum Energy has appointed four underwriters. Goldman Sachs and Deutsche Securities will help arranging IPO in the global market, while Ciptadana Securities and Mandiri Sekuritas are advising for sale in the local market.
Ciptadana President Director Ferry Budiman Tanja was unreachable to comment, while Mandiri Sekuritas Iman Rachman declined to comment. “Please ask the company [Harum Energy].”
At the end of last year, Harum Energy was seeking US$200 million loan to refinance debts and working capital. Harum has appointed DBS Group Holdings Ltd to arrange the loan.

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